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AUD/NZD glued to 1.20 despite Aussie disaster

FXstreet.com (Barcelona) - The Aussie is again into another fresh round of selling last at 0.9631, slightly above fresh 11 months at 0.9617 following bad Chinese data, but AUD/NZD is still holding around the 1.20 handle.

The cross has managed to bounce above the 1.1960 level for 4 times already since past Thursday on the back of Kiwi also weakening to lowest levels since early Sept last year, now trading at session lows 0.8033. As stated in previous reports, IFR Markets believe this cross is in the process of building a bottom.

Immediate support to the downside for AUD/NZD lies at recent fresh 2-week lows 1.1954, followed by May 07 lows 1.1927, and mid-Sept 2008 lows at 1.1806. To the upside, closest resistance shows at current levels as May 10 lows 1.1990, followed by May 13/14 lows 1.2016, and recent session's and Tuesday's highs at 1.2030.

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